Local shops are critical for the economic and social development of emerging markets and they play a major role in creating jobs, economic growth, social stability, and contribute to the development of the dynamic private sector. However, the access to financial services that assist the growth of these companies are relatively constrained and limited to simple transaction services.
To address these challenges Nordea has partnered with the successful startup Shopbox to provide a simple and relevant solution to Nordea SME accounts. Shopbox an all-in-one business management app for shops and restaurants. The idea is to provide small business owners with the best possible tools to manage their business. The potential to help small businesses grow is immense, and the vision is to make these businesses better at managing their money. “This is something that all business owners want, and in our opinion something banks should focus more on as this is what we believe to be the future of retail banking” says Christian Zigler, founder and CEO of Shopbox.
“The idea is to help the business owner make more money, and manage liquidity better,” says Jan Sirich, Head of Experimentation and Learning at Nordea. Nordea is the biggest Nordic bank with more than 500.000 SME customers. CEO Christian Clausen recently announced that the bank will invest more than 1 billion pounds in IT development over the next years.
“We are excited about this partnership that has been in development since late spring,” says Zigler. “With this agreement small business owners will hopefully soon have an integrated point-of-sale and banking service that is meaningful for both the small business, and the bank. Our mission is to provide more power to the small shop,and assist in their growth. Integrating banking and shop services with for example a cloud-based cash register is an excellent first step towards doing that.”
The official launch of the product from Nordea and Shopbox is not yet determined. Currently the solution is being tested on 30 shop customers with intensive feedback on how to make the product more beneficial.
Founded in 2011, Shopbox is an all-in-one business management app that integrates cash register, inventory, finance, HR, webshop and loyalty program.
Christian Zigler, CEO and Founder at Shopbox, firstname.lastname@example.org, +45 26 17 04 45
Nordea is the largest financial services group in the Nordic and Baltic region, with a leading position in corporate and institutional banking as well as in retail banking and private banking.
Jan Sirich, Head of Experimentation and Learning at Nordea, email@example.com, +45 40 58 87 12